v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Significant Components of the Provision for Income Tax Expense (Benefit)
Significant components of the provision for income tax expense (benefit) are as follows:
Year Ended December 31,
202420232022
As RevisedAs Revised
(in thousands)
Current:
  Federal$39,122 $1,250 $658 
  Foreign253,442 229,073 103,320 
  State24,308 23,171 4,764 
Total current316,872 253,494 108,742 
Deferred:
  Federal(557,399)5,982 6,223 
  Foreign(126,423)(51,209)(397)
  State(24,748)1,209 1,373 
Total deferred(708,570)(44,018)7,199 
Income tax expense (benefit)$(391,698)$209,476 $115,941 
Significant Components of Deferred Tax Liabilities and Assets
Significant components of our deferred tax liabilities and assets are as follows:
December 31,
20242023
(in thousands)
Deferred tax liabilities:
          Intangible assets$282,200 $327,249 
          Leases210,904 205,757 
          Other45,075 38,132 
          Hedge investments5,395 7,394 
          Prepaid expenses3,802 3,494 
Total deferred tax liabilities547,376 582,026 
Deferred tax assets:
          Net operating loss carryforwards763,205 812,034 
          Accrued expenses251,416 180,268 
          Leases 244,476 239,503 
          Capitalized research and development90,477 67,516 
          Interest limitation69,128 53,698 
          Other61,555 30,580 
          Foreign tax and other credit carryforwards51,153 51,351 
          Intangible assets12,411 48,088 
          Equity compensation10,831 11,504 
Total gross deferred tax assets1,554,652 1,494,542 
          Valuation allowance569,495 1,194,374 
Total net deferred tax assets985,157 300,168 
Net deferred tax assets (liabilities)$437,781 $(281,858)
Reconciliation of Income Taxes at the United States Statutory Rate to Income Tax Expense
The reconciliation of income tax computed at the United States federal statutory rates to income tax expense (benefit) is:
Year Ended December 31,
202420232022
As RevisedAs Revised
(in thousands)
Income tax expense at United States statutory rate of 21%
$155,280 $187,854 $106,144 
Differences between foreign and United States statutory rates
70,469 86,537 34,585 
State income taxes, net of federal tax benefits27,844 22,889 4,893 
Nondeductible items23,898 25,959 32,907 
United States income inclusions and exclusions(10,332)28,450 (78,061)
Non-United States income inclusions and exclusions(9,466)(63,691)(30,783)
Tax contingencies674 6,191 728 
Tax expense from acquired goodwill— 7,953 7,596 
Other, net166 784 (879)
Change in valuation allowance(650,231)(93,450)38,811 
$(391,698)$209,476 $115,941 
Summary of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to our unrecognized tax benefits:
Year Ended December 31,
202420232022
(in thousands)
Balance at January 1$30,466 $22,996 $21,330 
Additions:
          Increase for current year positions1,451 2,333 751 
          Increase for prior year positions1,001 4,453 896 
          Interest and penalties for prior years255 1,063 160 
Reductions:
          Statute lapse for prior year positions(3)— — 
          Settlements for prior year positions(3,166)(379)(141)
Foreign exchange(312)— — 
Balance at December 31$29,692 $30,466 $22,996